The World Has Yet To Observe Cryptocurrency’s Full Potential For Transforming And Modelling Socioeconomic Systems.
Cascais, a municipality in Portugal’s Lisbon District, is ready to introduce an innovative cryptocurrency aimed at strengthening the local economy while encouraging sustainable behaviour, according to Diário de Noticias.
The currency, dubbed Cashcais, is expected to propel a circular model of production and consumption, reshaping the seaside resort town’s socioeconomic landscape.
Economy that is circular
“We have been working with Universidade Nova de Lisboa and Nova SBE for more than a year to establish this entire process of local digital currency, which is very much based on the three main sustainability vectors–social, environmental, and economic,” said Carlos Carreiras, Mayor of Cascais, about the project, which was undertaken in collaboration with the two universities.
Although the official launch date has not been announced, Carreiras had previously pledged to undertake this project as one of his campaign goals for his third term.
According to town officials, the introduction of Cashcais is planned to “stimulate the municipality’s local economy.” “Whenever consumers make purchases from cooperating partners, they will earn cashback–a reimbursement of a percentage spent,” the municipality added.
Concerning the environment and social spheres, “Cashcais will reward exemplary measures that contribute to reducing the municipality’s ecological imprint and social inequities.” Cashcais may be acquired and used to make purchases from participating partners.
“Cashcais’ strategic aim is to be a universal currency, fostering a circular economy in the municipality,” the municipality said.
Carreiras praised the coin’s release as a “colossal stride forward,” one that he expects would be emulated by several local governments globally in an attempt to “boost local economic activity while preserving social cohesion and natural resource protection.”
The municipality said that an investigation is being conducted “with the purpose of assessing and analysing the market in order to integrate the residents’ interests in the creation of the currency.”
Carreiras said that the municipality has been prepared to launch a local cryptocurrency since 2018, when Cascais’ City Points programme received the United Nations World Summit Award for digital innovation in government and public engagement–becoming the first municipality to do so.
The winning application rewarded individuals for doing various acts such as recycling, donating blood, using public transportation, or adopting an animal.
City Points in Cascais may be traded for local goods and services, like as tickets to performances, cultural venues, and biological products available for purchase at Quinta do Piso–with offers and swaps changing over time.
Also Read: French Government Agents Target Crypto Influencers
Wallets